• Chethan Machaknur

Private Equity Firm KKR To Merge NBFC With InCred’s Retail Franchise


Global private equity firm KKR is set to back Mumbai-based InCred Finance, a retail and MSME-focused non-banking finance company (NBFC). 


The equity infusion is understood to be effectively a merger of KKR’s NBFC with InCred’s retail franchise. KKR will pick up a large minority stake in InCred,

The combined entity will operate under the InCred brand name, and post the deal, the merged book size will be around INR 6,000 Cr with a relatively low debt-equity ratio.


InCred has raised over INR 1,000 Cr till date from a range of investors including Investcorp, Manipal chief Ranjan Pai, Dutch Govt-owned FMO, Moore Venture Partners, Paragon, Elevar and OAKS Asset Management amongst others. KKR India Financial Services Ltd also has two other marquee investors – Abu Dhabi Investment Authority (ADIA) and Texas Teacher Retirement System. Both these investors will also join the InCred equity roster.

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